Global Fashion Group (GFG) reported FY 2025 net merchandise value (NMV) of EUR 1.042 billion (+0.3%) on revenue of EUR 316 million (-0.6%), with gross margin at 46% and adjusted EBITDA of EUR 9.3 million (adjusted EBITDA margin 1.4%). Loss for the year was EUR 55.7 million. Normalised free cash flow was EUR -32 million, and pro-forma cash at 31 December 2025 was EUR 185 million. In Q4 2025, GFG posted NMV of EUR 327 million (+0.7%) and revenue of EUR 214 million (-0.3%), with adjusted EBITDA of EUR 16 million (7.6% margin). Gross margin in Q4 was 46.4%. Rolling 12-month active customers were 7.3 million, while order frequency was 2.4x. By region in FY 2025, ANZ delivered NMV of EUR 509 million (+6%), revenue of EUR 345 million (+3%) and adjusted EBITDA margin of 7%, supported by fulfilment upgrades including Saturday standard delivery in major Australian metro areas and faster delivery times. LATAM reported NMV of EUR 311 million (+6%), revenue of EUR 191 million (+4%) and a 1% adjusted EBITDA margin, highlighting growth in Fulfilled By and Marketing Services, plus the launch of supplier financing and AI-generated catalogue content. SEA recorded NMV of EUR 222 million (-15%) and revenue of EUR 151 million (-11%) with a 2% adjusted EBITDA margin, citing brand and intake rationalisation, platform services growth from a single stock solution, and a 19% cost base reduction since 2023. For FY 2026, GFG guided NMV of EUR 990 million to EUR 1.070 billion (-4% to +4%) and adjusted EBITDA of EUR 15 million to EUR 25 million.

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